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Both principal of and interest on the Bonds shall be payable
in lawful money of the United States of Am<:rica at the office of the
City Treasurer in Port Townsend, Wa3hington, and shall be obligations
only of the 1959 Bond Redemption Fund of the city created by this
ordinance.
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Section 4. The city hereby reserves the right to redeem
the Bonds in whole on the following interest payment dates and at
the following prices expressed as a percentage of the principal amount,
plus accrued interest to date of redemption:
On April 1 and October 1, 1969, at 104
On April 1 and October 11 1970, at 103.50
On April 1 and October 1, 19710 at 103
On April 1 and October 1, 1972, at 102.50
On April 1 and October 1, 1973s at 102
On April i and October 1, 1974, at 101.50
On April 1 and October 1, 1975, at 101
On April 1 and October 1, 197G, at 100.50
On April 1, 1977 and any interest payment date thereafter, at 100.
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The city hereby further reserves the right to redeem any or
all of the Bonds outstanding out of excess earnings of the system
only, on any interest payment date on and after April 1, 1969, in
inverse numerical order and at par plus accrued interest to date of.
redemption.
Notice of any such intended redemption shall be given by one
publication thereof in a newspaper or business and financial journal
of general circulation throughout the City of Seattle not more than
forty nor less than thirty days prior to said redemption date and by
mailing a like notice at the same time to Blyth & Co., Inc. at its
office in Seattle, Washington, or to the successor in business, if
any, of said company at its office in Seattle, t4ashington or if it
has no office in such city,'at its main office. Interest on any Bond
or.Bonds so called for redemption shall cease on such redemption date
unless the same are not redeemed upon presentation made pursuant to
such call.
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